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Homes Taking Longer to Sell! 🚨 🔴🎧 State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️ Description
Do you think this coming recession will be worse than 2008-2012?
NAR.Realtor Stats. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales https://www.onereal.com/vito-scarnecchia-1 Campbell, San Jose, Silicon Valley, retirement, empty nest, Financial Intelligence, Best Realtor Santa Clara County, google jobs, apple careers, apple jobs, meta jobs, Hewlett Packard, Oracle, Intel, Cisco, Facebook, Broadcom, Adobe, eBay, Willow Glen's five most expensive homes Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
Hey, welcome back. It is Wednesday, August 23rd. Today, we're talking about houses taking longer to sell. It's, I don't know. I got, I have to go check the data. Cause I just did a little, I want to show you this. We're also talking about three things you need to know in Silicon Valley about living here, fraud on the rise homes near Apple.
Do you think this coming recession will be worse than 2008-2012?
I'm looking at Grenada now just as a option, but it's not really an option. And he locks demand slows as interest rates rise obvious. Anyway, let's talk about this real quick. Now. I just took these numbers. These are my numbers and they're I'll tell you right now They're not gonna be perfect because just look at it.
I'm missing holes. There's gaps here and everything These are just the 40 days plus days on market And all of a sudden it bumps up and I don't know if I did something wrong 500
I have to check that out. So I don't want to make it sound too alarming, but it is where we are going to start seeing more and more houses take longer to sell. You're actually seeing the 90 days on market go up quite considerably as well. See 73, 72 and it could have been just an anomaly in the data that I'm being provided.
I have no idea what I'm doing here.
There we go. Oh, it's gone there for a second. All right. Okay. So again,
It might have been a jump in the anomalies here. I'll do some more research on that. I don't think it's anything to freak out about because it just doesn't make sense that it would just jump up that far and that high so quickly in, in one week. It just that's a mistake. And the reporting as far as I'm concerned, cause even look at REOs aren't jumping.
Here's one here. I don't know. I guess I have to go take a look in the REOs are staying pretty minimal. This is REOs bank owned properties across California. All the houses, all the. I have access to across the United California. It's only 231. That should be 10 times that. San Jose inventory is not going up super high, although last week and this week it's actually 278.
The numbers on the actual MLS feed went up. A little bit closes last week. Again, these numbers, this is just for San Jose tomorrow. We're looking at Santa Clara County. So you'll see a different number, but I don't think these numbers are bad considering the fact that rates are so high and these are only single family homes in San Jose, not condos.
townhouses, et cetera. The list price, the sales price average is actually we're down 75%, but overall we're only down 4% for the year.
And that number has been slowly climbing. Average sales price is 1. 457 in all of San Jose. Different areas obviously garnered different pricing. The sales price average last year was 1. 7 is 1. 26. And if you keep track of this average number right here, let me get to it. So you can actually see it there.
Let me increase this so you can actually see it. There, see? That number was 260. It's the beginning of the year. So we're slowly chunking this away. These are weekly. We had a big chunk last week. I understand that.
That means nothing. Week to week really means nothing. You want to look at the averages. And the averages right here are really telling. This was a hundred. This was...
This over here, so I can look at you.
I don't know. Something's wrong here. That number right there. This number right here, 89, 000 used to be 000 difference. So we're slowly catching up. That's the good news. Cause that change. Absolutely. We can absolutely see a crunch in the market, especially since we're getting close to 8% now. So overall 60% of the houses sold this last year over list price.
That's great. We're seeing this number's coming down quite a bit days on market last year. We were at 14. This was up to 25, 26 at one time. And let's see. Yeah. The rest is all nominal. Okay. Let's talk about our EWTF of the week.
I tell you, I keep bringing this one up, but I don't know who in the world would do something like that other than Floridians. I'm not picking off Floridians. They're just, there you go. It's actually in my feed so you can go check that out if you want. Let's talk about Grenada. Now, Grenada has a lot of great options for Americans. If they want to expat, if they want to live there for a little bit, check it out. You can absolutely buy a property gets but here's the thing.
It's expensive now little known factoid Heartbreak Ridge by Clint Eastwood that whole The whole battle when they were looking for Noriega. They came over here There were students trapped at the college and then the airborne took the air strip That's this is exactly where it is right here. There's a school This college right here, can't really tell, that was where they, some American students were held hostage and the American military came in and rescued them.
But just look, pricing here is stupid expensive, it's like American prices. So why would an expat move there? There's tax benefits. There's other things that you can do that or get around to it. And yes, you can absolutely live in a place that's 360, 000. But yeah, that's let's see what else is there.
That's just land. I don't know why it didn't pop up. Let's take a look at this one. Little house on the hill. And that's the thing. It's like these houses, even the expensive ones, the ones that are over a million dollars, just one couple that are three and five million dollars, beat up. And it might be just, that's just the way it is.
I don't know. Let's take a look at this one here. Yeah, this one right here. Three and a half million dollars. Now granted, it's 20 bedrooms. It's probably like a motel or hotel of some sort. But look at it. It's beat up. There's another one here.
Oh, I think you're just buying land on this. You're buying a beach.
Ah, that's nice. But 1. 6 million dollars? Probably not. I probably wouldn't be buying that. This is a pretty house. Very well done. Alright, enough of that. I don't know. I probably would skip Grenada, but that's me. I'm thinking about Roatan, Costa Rica some of the other islands. Let's take a look real quick, see all these islands right here and then along this chain. Grenada is the end of this chain of islands right here. So is it a possibility?
Yeah, it's a possibility, but I still have all these house other islands to check out. So there you go.
Homes for sale NEAR APPLE CAMPUS
Homes near Apple.
Kylie Boulevard. It's busy. Three bedroom, one bath. Let's see
how many days on market. 105 days on market guys. Probably have it overpriced and it's not condition. Kylie Boulevard is a really busy house. Busy street. I get it. The property says it's worth it, but the buyers aren't saying it's worth it. Like that. Don't be silly. I can totally understand why, because look how close you are to the Apple campus.
That's Kylie Boulevard. And then two eighties right there.
There's the Apple campus right there. So you're, you can actually walk to work if you really wanted to. But again, you're living on a busy street. Not me. Thank you.
Look at that. Look at this one right next to Ed Lawrence Expressway.
Let's take a look at Gloucester Court. Oh, this one's been on market for a while. We looked at this a couple of weeks ago. Days on market, 91, 91 days on market. How many times is it adjusted price? At least once originally listed in May. Why is it not selling
HELOC Demand Slows in 2023 as Interest Rates Rise
us. That's nice. That one's going to sell fast. So price condition, location, absolutely factors. Home demand, he locked demands, home equity line of credits. If you don't know what that is, it's a second mortgage second on your. Main mortgage. He locks have dropped her mast dramatically. We have a heel lock on our house just in case I get hurt really badly.
That's the only reason why we have it. Just safety backup, not saying I'm going to get hurt, but other things, right? If the market falls out, we need money. We need to borrow money. We have a heel lock just because we did it way before COVID ever happened and just stopped doing it because we just have it just in place.
We don't, It's just a safety line for us. But it's telling because people are just not taking key locks out right now because they're already over leveraged and everything else probably not going to happen, right? Probably not going to be a part of. The major landscape of the financial side and the coming years.
I also hear that commercial property loans are coming due and there's a lot of sneaky stuff that banks are doing right now. So you have to be careful where if you're thinking about buying commercial, understand it's not a 30 year loan. It's a five to seven year and you have to refinance it. Typically it's interest only five to seven years.
And let's say you have a 10 million property. You borrowed 9 million on it and now it's really worth 5 million. While the bank is going to come back and say, we're not redoing this. We'll give you a two or 3 million loan. Now you have to cover the difference, which means commercial property. You have to go out and get hard money.
You have to get investors. You have to get all sorts of stuff. So mark my word. There's going to be a big shakeup in the apartments commercial and all sorts of different things where these Guru investors that popped up over the last 10 years are going to lose their shirt And if you invested in them, try to divest now because you will be losing your shirt.
Now I would take 60 cents on the dollar if I could just to get out of that. I think apartments are going to be our tipping point. Where is it going back to this? Our tipping points, right? The house of cards. I know it's not here. It's housing. It's commercial real estate. I think commercial real estate along with small regional banks collapsing is going to be the trigger to our, the next major catastrophic downfall if it happens.
All right, I said it first. The reason why I'm saying that housing, commercial real estate. Small regional banks. Those are the ones that are most incendiary right now because they were doing crazy things. Silicon Valley Bank, Fremont Bank, all these other banks are folding right now. They're getting help from the federal government because we need to keep that going.
The economy moving forward. And if they imploded, they would take down a lot of people, including startups, including venture capital, including tech, including a lot of different things that keep this Silicon Valley moving. So keep an eye on commercial real estate lending and all that other stuff. And if you see any reports that are worth talking about, send them my way.
Financial intelligence is down here in the bottom. We're, we talk about that. It's a, Invite only type product where we're going and talking to bankers and insurance people and financial advisors and all sorts of different service professionals talk to them about how they manage their life and how you get ahead.
Home bought. There you go. Look at that. This is expected guys. This is expected. We told you that. Number one is the summer. Number two, rates are going higher. Number three, it's not a firestorm right now. You need to have that contraction. This is not news. It's just something to support what we're talking about.
It's not scary. Not right now. This is not problem. This is not part of where we're going with this. This the commercial and everything home sales are completely different than commercial completely different. It's a different market
So when you look at this is going up and down up and down These are the home sales units across the United States or last time and we're even Considering suggesting that this number falls below four million dollars this year
inventories tight which is sustaining the price at bay. Interests, our interest rates are super high. So only those that really can't afford it can afford it and will buy it. The housing has to have a particular price depending on the value and other houses that are competing against it. And if you're overpriced, like that house on Kylie, it's going to sit there for six months.
Just is there's, you have to know the value. You have to know how to market it. And that's what people are doing, right? If I have a house in Alamodan, it's really easy to sell because people want to live and move into sunny to Alamodan. But if it's on Alamodan expressway and you get. 10, 000 cars going past there every month, every hour, not going to be really all that worth it.
Talked about this yesterday too. Median price is going up all across the United States. There are houses, there are areas that are suffering. So just keep that in mind. All right. So we went through all this. We do have a couple other videos are coming out as well.
Fraud on the rise
That's it. Alright, fraud is on the rise. Tomorrow, I'm sitting with my ladies at Cornerstone. Talk about this quite a bit. There's two different types of fraud that are coming out and I want you to be aware of them and tune in tomorrow. Probably gonna take it back and touch it up a bit. So won't be live.
It'll be recorded. So I'll touch it up and make it pretty.
All right. If you're interested in learning more, subscribe to the channel down below, you'll get notifications and you'll come back and you'll be able to learn more about this. But also we want to be here to protect you and educate you and learn, teach you how to learn.
Campbell, San Jose, Silicon Valley, retirement, empty nest, Financial Intelligence, Best Realtor Santa Clara County, google jobs, apple careers, apple jobs, meta jobs, Hewlett Packard, Oracle, Intel, Cisco, Facebook, Broadcom, Adobe, eBay, Willow Glen's five most expensive homes Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg